Serba Dinamik Defends Charges On Its Officers, Pleads Not Guilty

Serba Dinamik and its Board of Directors acknowledges the Securities Commission charges on the company, on its executive director Datuk Syed Nazim Syed Faisal, its group chief financial officer Azhan Azmi, accounts and finance vice-president Muhammad Hafiz Othman and its Chief Executive Officer and Group Managing Director, Datuk Mohd Abdul Karim Abdullah under Section 369(a)(B) of the Capital Markets and Services Act 2007 (CMSA) for making a false statement in its quarterly report.

On the matter, it states that the Company and its officers pleaded not guilty to the charges therein.

Further, on the charges brought on to Muhammad Hafiz Othman under section 368 (1)(b)(i) of the CMSA for instructing the preparation of false documents relating to the sales of Serba Dinamik Sdn Bhd, it states that he had also had then pleaded not guilty

With regards to the current saga the group is facing with the Security Commission, Serb Dinamik informed in a filing to Bursa that the Company and its officers have obtained legal advice and will be defending the charges vigorously and that it will make further announcements when there are any material developments on the above matter.

This is the first time Malaysia is witnessing such a legal battle on a corporate level, where a public listed company takes on the market regulator.

Trading of Serba Dinamik shares has been suspended since 22 October 2021 since it failed to submit its revised audit report this has now turned into a big-ticket legal match between a corporate company and the Securities Commission.

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